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Iran war reduces Aramco’s output but this has been offset by higher oil prices Virgin Media O2 is to cut thousands of UK jobs in an £800m cost-cutting drive as the telecommunications company aims to tackle its £22bn debt pile.
Key points
- Standing still and doing what we’ve always done is not an option and while many of these decisions are tough, they are necessary for our future success and growth.
VMO2, which is jointly owned by the British-Dutch-American telecoms company Liberty Global and Spain’s Telefónica, said £300m of the savings target will come from job cuts that will reduce the company’s employee wage bill by 30% over the next two years.
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